The extent of arbitration evolving, India coming to be a preferred place for dispute resolution: Supreme Court Judge Justice Surya Kant

The extent of arbitration evolving, India coming to be a preferred place for dispute resolution: Supreme Court Judge Justice Surya Kant

On April 30, 2023, Supreme Court Judge Justice Surya Kant expressed that the spectrum of arbitration in India is growing up, making it the best place for arbitration & dispute resolution.

Justice Kant also told that founding an endurable domain for arbitration will bring about further businesses & build a trustworthy affinity with foreign businesses.

At a joint summit on arbitration & dispute resolution organised by the Institute of Management (IIM) Rohtak at the Delhi High Court, he spoke out that arbitration incentivizes foreign businesses to come into the Indian market & keeps the promise of smooth resolution of conflicts.

“The conditions in India are improving & the scope of arbitration is evolving, making the country a preferred place for arbitration & dispute resolution,” a press release cited Justice Surya Kant as enunciating.

“The MoU signed on by the India Asa International Arbitration Centre (IIAC) & IIM Rohtak will enable to develop a good course towards arbitration & spread cognition about arbitration to business, especially in cross border & international confrontations.

The Judge conveyed that “IIM Rohtak has a world-class expertise in management practices, consumer decision-making, supply-chain, public policy, technology, & economics, & it can assist IIAC in leveraging its expertise”.

He moreover said that concurrently, this has an extraordinary prospect & possibility to truly make India the arbitration hub for the world.

As the juvenile come jointly, this mastery is an amalgamation of a multitude of businesses, he spoke up.

Justice Kant recommended that institutional arbitration must be encouraged in India & it will be more dynamic & distinct with competent expertise.

A memorandum of understanding (MoU) was signed between IIAC & IIM Rohtak on the event.

The occasion also noticed panel conversations on the subjects “Discussing best practices in commercial arbitration” & “Efficient & effective dispute resolution to create a positive business environment” with participation from professionals & industry chiefs.

Delhi HC Chief Justice Satish Chandra Sharma declared that arbitration forms a beneficial setting for businesses for its conflicts & that it will keep thriving.

He summed up that the considerably significant thing right now in arbitration is to have a time frame.

Professor Dheeraj Sharma, director, IIM Rohtak, described, “Arbitration is key to save the humongous money wastage & lack of positive labour force that comes with not going for arbitration.” He further added that it is substantial that good arbitration & dispute resolution be the fountainhead for concocting a conducive business environment as one stirs towards being a 5 billion dollar industry.

Written by Sonakshi Misra, 2nd year (4th semester) B.A.LL.B. Hons. student at Atal Bihari Vajpayee School of Legal Studies, Chhatrapati Shahu Ji Maharaj University, Kanpur.

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